Fuel prices in South Africa are set to rise on Wednesday, with petrol increasing by 17c per litre and diesel by around 55c to 56c per litre, depending on the sulphur content. Despite these hikes, fuel remains cheaper than it was at the start of the year. In Gauteng, 95 petrol will cost R21.47 per litre, while diesel will be R19.21. The coastal prices will be slightly lower, at R20.68 for petrol and R18.42 for diesel. The rand’s weakening—dropping from R17.53/$ to R17.93/$ during the review period—has been a significant factor in the price adjustments, overshadowing a slight drop in international Brent Crude oil prices, which fell from $73.28 to $72.70 a barrel.
The rise in diesel and illuminating paraffin prices reflects higher global demand due to the upcoming winter in the Northern Hemisphere, while stagnant economic growth and weak demand from China continue to weigh on oil prices. The ministry of Mineral and Petroleum Resources noted that OPEC+ maintained production levels, while increased output from non-OPEC nations also influenced the market. Economic uncertainties, including investor preference for the US dollar following Donald Trump’s election win, have further pressured the rand. Additionally, the wholesale price of illuminating paraffin will rise by 49c, and the maximum retail price of LP gas will increase by R1.72 per kilogram. (Source: The South African)
